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Some relief for blighted Paradise Hills

Home buyers on the blighted Paradise Hills estate at Marathounda in Paphos may receive assistance from the authorities to prevent a repetition of last winter’s heavy flooding caused by a rainwater drainage pipe.

Primary residences protection scheme falls flat

The government backed primary residences protection bill designed to protect an estimated 200 crisis-stricken homeowners against foreclosure has failed MPs heard on Monday.

Cyprus faces “sizeable downside risks”

Following its mission to Cyprus the International Monetary Fund said that “sizeable downside risks” still exist, citing an extremely high private sector debt and a high proportion of non-performing loans (NPLs).

Planning & building permit overhaul

The time consuming and frustrating bureaucracy involved in obtaining building & planning permits in Cyprus may be overhauled provided the recommendations of Austrian experts are adopted.

The troika returns to Cyprus

Representatives of the troika of international lenders plus the European Stability Mechanism (ESM), the IMF, EC and the ECB , will be in Cyprus later this month for the third post-programme surveillance.

John Hourican “annoyed and impatient”

Bank of Cyprus CEO John Hourican said he is annoyed and impatient by borrowers seeing a rising property market and wanting to hold on and negotiate more time to repay their loans.

Local property tax set to change

Some will pay more and some will pay less local property taxes in Cyprus this year as charges will be assessed on 2013 property valuations rather than those of 1980 in efforts to provide a fairer taxation system.

Banks helped by increased building permits

Although Cypriot banks continue to face significant asset quality challenges, a sustained increase in demand for building permits would improve their asset quality says ratings agency Moody’s.

Pissouri homeowners still in limbo

Property owners in the Limnes (lakes) area of Pissouri are still in limbo despite the previous Cyprus Interior Minister promise to pay for the mess, which at that time was estimated at up to €20 million.

Ten years to clear Title Deed backlog

At the current rate of Title Deed issuance it would take approximately ten years to address the backlog according to the spring 2017 issue of the European Commission’s Post-Programme Surveillance Report on Cyprus.

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